South Korea Wound Care Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.72 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Wound Care Market Analysis
The South Korea Wound Care Management Market is expected to grow at a CAGR of 6.72% over the forecast period (2022-2027).
The ongoing Covid-19 pandemic impacted the studied market significantly. The market was impacted adversely during the initial phase of the pandemic due to the lockdowns and shutdowns. However, the government of South Korea continued normal operations in the healthcare system which is expected to have created opportunities for hospital admissions for various wounds and emergency hospital admissions. Additionally, the increasing number of hospital admissions and increasing cases of chronic disease in South Korea increased amid the pandemic, which created the demand for wound care management. For example, as per the article 'Changes in the Incidence of Cardiovascular Diseases (CVDs) during the COVID-19 Pandemic in Korea' published in July 2022, when a study was conducted on six common CVDs from clinical visits between January 2018 and March 2021 using the National Health Insurance Service database, to analyze the differences between post-Covid CVDs and Pre-Covid CVDs, higher incidences of myocardial infarction, cardiac failure, and arrhythmia during COVID-19 were reported. This incidence of CVDs is expected to increase hospital admissions and surgeries for patient survival. These surgeries increased the demand for surgical wound healing occurred during the surgeries. This is further expected to drive demand for wound care products. Thus, the pandemic is expected to considerably impact the market studied.
The rising prevalence of diabetes, road traffic accidents, and the increasing hospital admissions for emergency cases are the key drivers of the studied market. For instance, as per the 'Diabetes Fact Sheet in Korea 2021' published in May 2022, the estimated prevalence of diabetes mellitus was 16.7% in 2020 among Korean adults aged 30 years or over. Additionally, as per the source mentioned above, the percentage of adults with diabetes mellitus who achieved glycosylated hemoglobin (HbA1c) was 24.5% despite the increased use of new antidiabetic medications. This prevalent condition of diabetes creates the risk of diabetic foot ulcers. A diabetic foot ulcer is an open sore or wound that typically develops on the bottom of the foot and affects 15% of people with diabetes. 6% of people who get foot ulcers end up in the hospital because of an infection or another problem related to the ulcer. Thus, the burden of diabetic foot ulcers is anticipated to drive market growth over the forecast period. This is further expected to fuel the studied market growth over the projected period.
Moreover, the major players in the country are actively focused on the innovation of technically advanced products which can be beneficial to the target population in the country for wound care management. Additionally, government investments are increasing in the country. For instance, in April 2022, the MolecuLight device developed by MolecuLight Inc., and KOVE Inc. allows clinicians to visualize bacteria and measure wounds quickly, safely, and easily at the point of care, received reimbursement in South Korea from the Ministry of Health and Welfare enabling clinician reimbursement for performing the medically necessary MolecuLight procedure. Thus, such developments in the country for wound care management are anticipated to fuel market growth over the forecast period.
Therefore, owing to the abovementioned factors, the market studied is expected to witness growth. However, strict regulations and irregular reimbursement policies are expected to hinder market growth over the studied period.
South Korea Wound Care Market Trends
This section covers the major market trends shaping the South Korea Wound Care Management Devices Market according to our research experts:
Tissue Adhesive, Sealant, and Glue Sub-segment is Expected to Grow Over the Forecast Period
Tissue adhesives, sealants, and glue are the products used for wound closure after a surgical procedure (minor or major). With a rise in surgeries performed in the country, the demand for such products is expected to grow. Thereby, driving the segment growth.
The Korea Health Industry Development Institute (KHIDI) and Ministry of Health and Welfare (MOHW) data updated in August 2021 shows that South Korea received unprecedented numbers of medical tourists from 190 nations, before the coronavirus (COVID-19) outbreak. Additionally, more than 117 thousand patients visited the country for medical reasons in 2020 and internal medicine was the most frequently visited medical department by foreign patients in Korea, followed by plastic surgery and dermatology.
Also, as per the above-mentioned source, patients from Asian countries such as China, Japan, and Thailand primarily came to Korea for cosmetic surgery and dermatology. Such demand for surgical procedures in the country is expected to increase the number of surgeries. The increasing number of surgeries is increasing the demand for wound closure required post-surgery. Thus, the rising number of surgical procedures in the country is predicted to generate demand for the tissue adhesives, sealants, and glue used for wound closure. Thereby, driving the segment growth in the country over the forecast period.
Furthermore, according to a poll conducted in June 2021 by the Hana Institute of Finance in Seoul, cosmetic surgery and skin clinics in South Korea witnessed a 10% increase in sales in the first ten months of 2020 compared to the year prior year. Thus, a growing number of surgical procedures are likely to increase the demand for surgical sealants, tissue adhesives, and glues in healthcare settings, in turn, it is expected to fuel overall segment growth.
Therefore, owing to the aforementioned factors the segment is anticipated to witness growth over the forecast period.
South Korea Wound Care Industry Overview
The market players are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers. These key players are involved in adopting strategies such as mergers and acquisitions and entering into partnerships to strengthen their position in the market. Medtronic, Smith and Nephew, Coloplast S/A, Molnlycke Health Care, and Paul Hartmann AG are some of the market players among others.
South Korea Wound Care Market Leaders
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Smith and Nephew
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Coloplast A/S
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Medtronic
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HARTMANN USA, Inc.
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Mölnlycke Health Care AB
*Disclaimer: Major Players sorted in no particular order
South Korea Wound Care Market News
- In April 2022, MolecuLight Inc., and KOVE Inc., received regulatory clearance for their product MolecuLight i:X device which is now commercially available to the wound care market in South Korea.
- In September 2021, EZ Debride, a registered and patented brand of MDM Wound Ventures Inc. developed and manufactured out of San Antonio and Kerrville, Texas, signed a distribution agreement with UCT Medical Co Ltd. (Seoul, South Korea). UCT has successfully launched several products, especially for wound, neurosurgery, and orthopedic surgery, and effectively promoted EZ Debride's efficiency and safety.
South Korea Wound Care Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Diabetes and Ageing Population
4.2.2 Rising Incidence of Chronic Wound and Increase in the Number of Surgeries
4.3 Market Restraints
4.3.1 High Cost of Procedures and Reimbursements Issues
4.3.2 Stringent Regulations
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Wound Care
5.1.1.1 Dressings
5.1.1.2 Bandages
5.1.1.3 Wound Care Devices
5.1.1.4 Topical Agents
5.1.2 Wound Closure
5.1.2.1 Suture
5.1.2.2 Surgical Staplers
5.1.2.3 Tissue Adhesive, Sealant, and Glue
5.2 By Wound Type
5.2.1 Chronic Wound
5.2.1.1 Diabetic Foot Ulcer
5.2.1.2 Pressure Ulcer
5.2.1.3 Other Chronic Wound
5.2.2 Acute Wound
5.2.2.1 Surgical Wounds
5.2.2.2 Burns
5.2.2.3 Other Acute Wounds
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Johnson and Johnson (Ethicon)
6.1.2 Smith and Nephew
6.1.3 Medtronic
6.1.4 Molnlycke Health Care
6.1.5 Convatec Inc.
6.1.6 Beiersdorf AG
6.1.7 HARTMANN USA, Inc.
6.1.8 Young Chemical Co., Ltd.
6.1.9 Essity Aktiebolag
6.1.10 Coloplast A/S
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Wound Care Industry Segmentation
As per the scope of this report, wound management is majorly used to treat wounds. Wounds and injuries are common afflictions that affect billions of people worldwide. The products are highly resistant to environmental inhibitors and foreign particles and are used by a nurse under the physician's orders and supervision, for many reasons. The South Korea Wound Care Management Market is segmented by Product (Wound Care and Wound Closure), and Wound Type (Chronic Wound and Acute Wound). The report offers the value (in USD million) for the above segments.
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South Korea Wound Care Market Research FAQs
What is the current South Korea Wound Care Management Market size?
The South Korea Wound Care Management Market is projected to register a CAGR of 6.72% during the forecast period (2024-2029)
Who are the key players in South Korea Wound Care Management Market?
Smith and Nephew , Coloplast A/S, Medtronic, HARTMANN USA, Inc. and Mölnlycke Health Care AB are the major companies operating in the South Korea Wound Care Management Market.
What years does this South Korea Wound Care Management Market cover?
The report covers the South Korea Wound Care Management Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Wound Care Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wound Care in South Korea Industry Report
Statistics for the 2024 Wound Care in South Korea market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Wound Care in South Korea analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
